Step 4 - Receipt

As soon as the sale is completed, deposit the proceeds with the College's Cashier, along with a completed Department Deposit Form

Special note regarding vehicle sales - before a sale happens, locate the vehicles title (usually held by Accounting). If the title cannot be located, consult with the Purchasing and AP Manager regarding the procedure to obtain a duplicate copy

If donated

Get a receipt from the donee showing the donee's name, date, and item description

Give that receipt to Accounting

If disposed of

If recycled, obtain a “certificate of disposal” if possible

If disposed of, no receipt necessary

If a receipt is obtained, give it to Accounting

Step 5 - Recording the transaction

Almost every type of equipment disposal requires some sort of Accounting transaction involving one or more FOAPALs

Accounting will provide you with any FOAPALs needed for deposit forms or other transactions

* Macalester's "conflict of interest" policy is stated in a separate document, which is available from Business Services upon request.

Equipment purchased with federal funds may still belong to the federal government

Generally, if the equipment’s ownership is to remain with the federal government after the completion of the grant, the grant agreement with so stipulate

If the ownership remains with the federal government, but the equipment's fair market value is under $5,000, the College may keep the equipment or dispose of it, adhering to College's policy

If the ownership remains with the federal government, and the equipment's fair market value is $5,000 or more, the College must adhere to the disposition rules stated in Section C.34 of OMB Circular A-110

Absent any stipulation in the grant agreement that the equipment's ownership remains with the federal government, the College owns the equipment after the completion of the grant, and the College’s policy applies.